THERMAX Financial Statements

THERMAX Half Yearly Results

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Y/e 31 Mar Mar-2022 Mar-2021 Mar-2020 Mar-2018
Growth matrix (%)        
Revenue growth 27.90 (16) 28.40 (0.40)
Op profit growth 18.60 (13) 1.31 (7.40)
EBIT growth 24.90 (11) (10) (6.50)
Net profit growth 51.20 (2.80) (8.50) 4.08
Profitability ratios (%)        
OPM 6.88 7.41 7.09 8.98
EBIT margin 7.10 7.27 6.80 9.74
Net profit margin 5.10 4.31 3.71 5.20
RoCE 11.50 9.93 12.10 14.70
RoNW 2.32 1.64 1.85 2.21
RoA 2.05 1.47 1.66 1.96
Per share ratios ()        
EPS 27.70 18.40 18.90 20.50
Dividend per share 9 7 7 6
Cash EPS 17.70 8.17 8.51 13.30
Book value per share 310 289 269 241
Valuation ratios        
P/E 70 73.40 39.20 55.10
P/CEPS 110 165 86.90 85.10
P/B 6.26 4.66 2.75 4.69
EV/EBIDTA 41.10 31.20 16.90 25.90
Payout (%)        
Dividend payout -- -- 44.70 30.80
Tax payout (24) (21) (43) (39)
Liquidity ratios        
Debtor days 79.20 99.90 83.70 93.10
Inventory days 33.70 32.70 26.10 26.60
Creditor days (83) (87) (70) (94)
Leverage ratios        
Interest coverage (17) (17) (26) (34)
Net debt / equity (0.20) (0.50) (0.10) --
Net debt / op. profit (1.40) (4.50) (0.60) (0.20)
Cost breakup ()        
Material costs (57) (53) (54) (53)
Employee costs (13) (16) (14) (16)
Other costs (23) (24) (25) (23)
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Y/e 31 Mar( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Revenue 6,128 4,791 5,731 4,465
yoy growth (%) 27.90 (16) 28.40 (0.40)
Raw materials (3,485) (2,539) (3,086) (2,349)
As % of sales 56.90 53 53.80 52.60
Employee costs (813) (759) (799) (697)
As % of sales 13.30 15.80 13.90 15.60
Other costs (1,409) (1,139) (1,440) (1,018)
As % of sales 23 23.80 25.10 22.80
Operating profit 421 355 406 401
OPM 6.88 7.41 7.09 8.98
Depreciation (113) (115) (117) (82)
Interest expense (25) (21) (15) (13)
Other income 127 108 100 116
Profit before tax 410 328 375 422
Taxes (98) (69) (162) (166)
Tax rate (24) (21) (43) (39)
Minorities and other -- -- -- (24)
Adj. profit 312 259 212 232
Exceptional items -- (53) -- --
Net profit 312 207 212 232
yoy growth (%) 51.20 (2.80) (8.50) 4.08
NPM 5.10 4.31 3.71 5.20
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Profit before tax 410 328 375 422
Depreciation (113) (115) (117) (82)
Tax paid (98) (69) (162) (166)
Working capital 177 986 197 (677)
Other operating items -- -- -- --
Operating cashflow 376 1,130 293 (503)
Capital expenditure 1,284 1,135 959 (304)
Free cash flow 1,660 2,265 1,252 (806)
Equity raised 4,447 4,627 4,715 4,545
Investments 1,235 (5.10) 432 764
Debt financing/disposal 316 386 (181) (279)
Dividends paid -- -- 78.80 71.50
Other items -- -- -- --
Net in cash 7,658 7,273 6,298 4,295
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 22.50 22.50 22.50 22.50
Preference capital -- -- -- --
Reserves 3,470 3,229 3,005 2,992
Net worth 3,492 3,251 3,028 3,014
Minority interest
Debt 368 328 230 240
Deferred tax liabilities (net) 80.60 80.20 101 137
Total liabilities 3,941 3,659 3,359 3,392
Fixed assets 1,239 1,266 1,339 1,352
Intangible assets
Investments 1,477 234 875 829
Deferred tax asset (net) 208 234 252 349
Net working capital 64 (15) 412 492
Inventories 727 405 455 509
Inventory Days 43.30 30.80 28.90 --
Sundry debtors 1,424 1,237 1,386 1,378
Debtor days 84.80 94.20 88.30 --
Other current assets 1,511 1,264 1,264 2,141
Sundry creditors (1,462) (1,146) (966) (1,381)
Creditor days 87.10 87.30 61.50 --
Other current liabilities (2,136) (1,775) (1,727) (2,155)
Cash 954 1,939 481 369
Total assets 3,941 3,659 3,359 3,392
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Particulars ( Rupees In Crores.) Sep-2022 Mar-2022 Sep-2021 Mar-2021 Sep-2020
Gross Sales 3,730 3,607 2,522 2,985 1,806
Excise Duty -- -- -- -- --
Net Sales 3,730 3,607 2,522 2,985 1,806
Other Operating Income -- -- -- -- --
Other Income 60.40 65 62.10 64.10 43.70
Total Income 3,790 3,672 2,584 3,049 1,850
Total Expenditure ** 3,493 3,358 2,349 2,726 1,763
PBIDT 297 313 235 323 87
Interest 14.60 15.30 9.83 12 8.69
PBDT 282 298 225 311 78.30
Depreciation 58.40 58.40 54.80 57.90 56.70
Minority Interest Before NP -- -- -- -- --
Tax 42.20 32.80 39.70 42.20 32.60
Deferred Tax 13.40 24.80 0.49 20.70 (27)
Reported Profit After Tax 168 182 130 191 16
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 168 182 130 191 16
Extra-ordinary Items -- -- -- (28) 12.60
Adjusted Profit After Extra-ordinary item 168 182 130 218 3.41
EPS (Unit Curr.) 14.90 16.20 11.60 16.90 1.42
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 22.50 22.50 22.50 22.50 22.50
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 7.95 8.69 9.33 10.80 4.82
PBDTM(%) -- -- -- -- --
PATM(%) 4.51 5.05 5.17 6.39 0.88
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